22 July 2011

Trade details
Instrument : EUR/USD
Type : Limit
Direction : Sell
Size : 15
Entry : 1.43770
Stop : 1.44480 (71 pips)
Limit : 1.42350 (142 pips)
Max loss : 1065 USD
Trade style : Multi Entry, Multi Exit (Hybrid of ranging and trending market)

Thoughts
This trade is interlinked to another trade . It was placed in advanced when I placed a market order earlier.. This is a stop order because I only want this trade to be executed if it only moves in my direction. A limit (142 pips) is set because judging from the charts, it might be a ranging or trending market so I want to protect my profit and also at the same time, letting it ride which is possible with my other trade.

The stop for this trade will be set to b/e if target is not hit within a day.

22 July 2011

Environment
- Greece bailout deal penned
- Bullish trade prev day. Surged close to 1.3%
- 4hr chart : Trending down

Trade details
Instrument : EUR/USD
Type : Market
Direction : Sell
Size : 15
Entry : 1.44297
Stop : 1.44797 (50 pips)
Limit : Trail (Distance : 50 Step : 10)
Max loss : 750 USD
Trade style : Multi Entry, Multi Exit (Hybrid of ranging and trending market)

Thoughts
I placed the trade near the intra day high, executing at market order. The short term (10 mins, 1 hr) chart seems to be trending up though mid term (4hr) is trending down so judging the uncertainty, I have placed a sell order at market price with a trailing stop (10 Step, 50 distance) since it is trading near day high (good risk reward opportunity)... Stop will move 10 pip whenever the trade moves 50 pips (1X Risk) in my favor.. The reason I set 10 pips is because this is to give the trade more room to move...

Rather than placing 2 trades at one time, I have placed another trade at 1.44297 (day low + 5 pips) with a profit target . This is because I am uncertain about the trade therefore if it moves against me, my loss will be minimized otherwise, if my trade is executed, my profit can be maximized...